Wuhan Iron and Steel (Group) Corp. (WISCO) cut cost by 90 million yuan by withdrawing outsourcing businesses during the first half of 2015, local Changjiang Times has reported.
After recording deficit in June and July this year, the steel giant has decided to stop enlarging scale but to focus on lowering costs and shaking off losses. Wuhan Iron and Steel Co. (600005.SH), the listed arm of WISCO, made a net profit of 522 million yuan in H1 this year, down 9.81 percent from a year ago.
Ma Guoqiang took place of Deng Qilin to become the helmsman of WISCO in June 2015.
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